The price of Shiba Inu is surprisingly struggling despite massive burning activities by meme coin developers.
In the last 24 hours, the SHIB burn rate has surged by 23,133% as developers intentionally destroyed over 13 billion tokens. At current market exchange rates, this amounts to approximately $463,000.
Shiba Inu burn rate soars by more than 23,000%
This Shiba Inu roasting process took place in two separate transactions. At first, developers burn 9.6 billion SHIB tokens, worth just over $332,000. They later burned an additional 3.8 million SHIB tokens worth approximately $131,384.
Additionally, the developers disposed of 28 LEASH tokens worth $21,600 and 19,551 BONE tokens worth approximately $22,874.
“This video was created by Sybarium developers, but it would not have been possible without Sybarium builders and users… Some people talk about the video to encourage participation, while others actually put in the effort to make it happen. “Chai”, Shiba Inu influencer Lucy said.
Lucie also took the opportunity to praise Shibarium developers and users who have played a pivotal role in boosting adoption of the network. Despite this enthusiasm, SHIB’s price is down more than 23% from its yearly high on March 5.
Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
Interestingly, technical analyst Ali Martinez believes that this recent price action could be part of a consolidation phase that could lead to further gains.
“The Shiba Inu forms a symmetrical triangle on the 4-hour chart. A sustained close above the $0.000038 resistance could trigger a 40% bullish breakout, pushing SHIB towards $0.000052,” Martinez said.
ShibArmy wants Binance to list BONE
In another development, Shiba Inu lead developer Shytoshi Kusama is actively advocating for ShibaSwap’s BONE token to be listed on Binance.
On March 7, the world’s largest cryptocurrency exchange by trading volume introduced the Futures NEXT program, allowing users to predict the listing of tokens. Binance has made it clear that recommendations will not influence listing decisions, but users can still predict and vote for tokens they think will be listed.
In response to this announcement, ShibArmy, along with Kusama, rallied behind the BONE token. urge Communities can show their power by voting on digital assets.
“This is a light thing. I plan to post this article tomorrow as well. I called the K9 unit and the Bad Brigade for help. Who else will stand by our side?” Kusama question.
Read More: 6 Best Platforms to Buy Shiba Inu (SHIB) in 2024
BONE, a digital asset essential to the Shiba Inu ecosystem, has evolved beyond its memetic origins. It plays an important role within Shibarium, the network’s layer 2 solution, driving transaction fees and allowing validators to stake and interact with the network.
According to Binance, BONE is currently ranked third in the list of candidates with approximately 37,101 votes. However, it lagged behind Delysium and Baby DogeCoin, which received 91,728 and 40,028 votes, respectively.
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